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Aboitiz invests P2.3 B in Cebu realty projects

[ Manila Bulletin Online ] July 15, 2008
By MALOU M. MOZO


CEBU CITY — Property developer Aboitizland Inc. has earmarked P2.3 billion for real estate projects in Cebu this year.

AboitizLand Inc. President and Chief Operating Officer Andoni Aboitiz announced the company’s plan to improve its presence in the commercial and condominium property market in Cebu, beginning with the development of an urban village called Persimonn.

Aboitiz, in an interview, said Persimonn accounts for the largest capital expenditure of the company for which an estimated P2 billion will be spent for the four-tower residential condominium that will have commercial centers and other amenities.

AboitizLand will start soon its Phase 2 development of a upscale residential project in the southern part of Metro Cebu, called the Kishanta.

The company is going to invest an estimated P150 million in the horizontal development of the 12-hectare Kishanta subdivision.

Aboitiz said there is still a large untapped market for residential units in Cebu, and so the company is mulling to expand its land banks.

"Cebu will always be an attractive market for developers," he said, adding this optimism has not discouraged by AboitizLand’s expansion mode despite threat of consumer budget tightening and the expected rise in interest rates in the consumer lending.

While the company is hitting active markets in the real estate sector, particularly in residential units -- with lot-only or house-and-lot offerings -- Aboitizland is also venturing, for the first time, into office building project that caters to the needs of business process outsourcing (BPO) companies.

In this sector, the company already kicked off with the construction of a BPO building at the Mactan Export Zone (MEZ-2) dubbed iMEZ.

The five-story building is projected to be completed by March next year with an estimated investment of R160 million.

iMEZ is located at the 1.8-hectare expansion area of the Pueblo Verde commercial center fronting the Mactan Economic Zone (MEZ) 2 in Lapu-Lapu City.

With its design complementing the modern Filipino-Spanish atmosphere of the entire commercial bloc, iMEZ will also house coffee shops, fastfood outlets, casual dining places and bakery or pastry stores at the ground floor, within an area of about 550 square meters.

The second, third, fourth and fifth levels of the building, with a combined area of 4,000 square meters, will house BPO companies.

Apart from its proximity to hospitals, hotels and airport, iMEZ is located in an economic zone.
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